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Fitbit CEO Offers Turnaround Strategy

  • Fortune, Monday, February 27, 2017 10:14 AM

After a year filled with tumbling sales, manufacturing problems, and a plunging stock price, Fitbit CEO James Park is ready to look ahead. Although Fitbit's sales of its eponymous fitness tracking gadgets hit a record of $2.2 billion in 2016, the fourth quarter was a world of hurt. Amid a glut of inventory and weakness in China, sales for the all-important holiday quarter dropped 19%, Fitbit finally confirmed on Wednesday, after two earlier warnings to Wall Street about problems in the quarter. (Back in November, the company shocked investors by projecting sales simply would be flat in the fourth quarter). Now it's time to focus on the turnaround. CEO Park has a multi-pronged strategy, including offering a smartwatch with a health and fitness emphasis in the second half of the year.

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